Exercise-induced pulmonary hemorrhage (EIPH) affects a large portion of racing thoroughbred horses. Sites of hemorrhage and causal mechanisms remain unestablished. Our mathematical model was constructed to test the hypothesis that EIPH could be caused by a combination of respiratory and circulatory mechanical factors occurring during exercise. Various physiological data for respiration, blood circulation and exercise were incorporated into the model. Results show that inhalation pressure drops across airway resistances become great enough during exercise to cause rupture of capillaries for both bronchial and pulmonary systems.